Services & Products / Insurance Industry / Insurance Product Administration Services

INSURANCE PRODUCT ADMINISTRATION SERVICES

Previnet S.p.A provides the European market with comprehensive administration services for Life and Non-Life products. Services are 360° and are able to meet the demands of the modern insurance market place. Previnet caters for the individual needs of each Company and product, providing support in all principal administration activities: from distribution, premiums and benefits processing, portfolio admin and extensive reporting right through to redemption and liquidation handling. It also offers specialist services such as Fund Administration and Securities Mgmt for the financial component of insurance products (including Separate Accounts), reserve and co-insurance reporting as well as value added services.

Services available include:
A. Policy and policy holder admin
B. Securities administration
C. Accounting
D. Value added services


POLICY AND POLICY HOLDER ADMIN
Previnet provides administration services which manage the complete life cycle of the insurance policy, actively interacting with all parties involved in the administration process. It has a proven track record of successful working relationships with the many different distribution channels within this sector, dealing with both traditional networks (agencies and brokers, Bancassurance networks, etc) as well as on-line distribution.

Range of services include:

• Distribution and sales support
• Policy and policy holder mgmt
• Liquidations mgmt and claims payments
• Policy holder correspondence
• Reporting for Company HQ feeds, local regulators, distribution network
• Fiscal and legal consulting (see also dedicated Legal Consulting section of this web-site)

SECURITIES ADMINISTRATION
As part of its service offer for the Insurance sector, Previnet also provides Back Office and Securities Administration services for the investment component of insurance products currently available within the market (e.g. Unit-linked polices). Previnet provides consolidated and fully integrated services such as Net Asset Value calculations, portfolio holdings reconciliation (historical data, corporate actions registrations) and securities/derivatives trading and settlements. Previnet is furthermore able to interface independently with brokers and custodian banks in order to ensure the highest level of service provision.

ACCOUNTING
Previnet also provides the Insurance industry with high quality accounting administration services. It proposes the general structure of accounts as well as setting-up and maintaining the Insurance Company's books, both on an industrial and company level. In complete autonomy, Previnet processes accounting entries and periodically produces trial financial statements - Balance Sheet and P&L statement - for Company approval.

VALUE ADDED SERVICES
In order to complete its service offer, Previnet also provides the Insurance Company with 'value-added services', such as: electronic archiving, controlling of hard-copies as well as printing and mailing of policy holder and distributor correspondence.